'JSW Group Not Withdrawing Rs 40,000 Crore EV Project From Odisha'

Bhubaneswar, Sep 24: The JSW group on Tuesday confirmed that it is not withdrawing its proposed Rs 40,000 crore electric vehicle (EV) and battery project from Odisha.

“The JSW group is not withdrawing its proposed Rs 40,000 crore electric vehicle (EV) and battery project from Odisha,” the company’ s Executive Vice President- Corporate Strategy, Ranjan Nayak said in a statement.

The company’s announcement comes after a section of media reported that the JSW group plans to shift its EV and battery project from Odisha to Maharashtra.

Earlier in the day, Odisha’s Industries Minister Sampad Swain said the State government was talking to the JSW group for implementation of the EV project in the State amid media reports about the company’s planning to shift its project to Maharashtra.

On February 10, 2024, the JSW group signed a memorandum of understanding (MoU) with the Odisha government for establishment of an integrated electric vehicle and EV battery manufacturing project at an investment of Rs 40,000 crore in the state.

At Naraj in Cuttack district, the JSW group had planned to set up an EV vehicle and component manufacturing plant, while at Paradip in Jagatsinghpur district, it proposed to establish a copper smelter and lithium refinery.

The project consists of a 50 GWH EV battery plant, EV, lithium refinery, copper smelter and related component manufacturing units, sources said.